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Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
BILAL IBRAHIM |
|
|
|
|
Registered Office : |
Al Ashi Building, 3rd Floor 8 Azar Street (Al Horreya
Street) PO Box 663 Lattakia |
|
|
|
|
Country : |
Syria |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
23.01.1991 |
|
|
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Com. Reg. No.: |
22705, Lattakia |
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|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
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Line of Business : |
Wholesale and retail of general foodstuff products |
|
|
|
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No. of Employees : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Syria |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SYRIA - ECONOMIC OVERVIEW
Despite modest economic growth and reform prior to the
outbreak of unrest, Syria's economy continues to suffer the effects of the ongoing
conflict that began in 2011. The economy further contracted in 2012 because of
international sanctions and reduced domestic consumption and production, and
inflation has risen sharply. The government has struggled to address the
effects of economic decline, which include dwindling foreign exchange reserves,
rising budget and trade deficits, and the decreasing value of the Syrian pound.
Prior to the unrest, Damascus began liberalizing economic policies, including
cutting lending interest rates, opening private banks, consolidating multiple
exchange rates, raising prices on some subsidized items, and establishing the
Damascus Stock Exchange. The economy remains highly regulated by the
government. Long-run economic constraints include foreign trade barriers,
declining oil production, high unemployment, rising budget deficits, and
increasing pressure on water supplies caused by heavy use in agriculture, rapid
population growth, industrial expansion, and water pollution.
Source
: CIA
Company Name : BILAL IBRAHIM
Trading As : METRO TRADING
Country of Origin : Syria
Legal Form : Sole Proprietorship
Registration Date : 23rd January 1991
Commercial Registration Number : 22705, Lattakia
Invested Capital : SY Pnds 2,500,000
Total Workforce : 45
Activities : Wholesale and retail of general foodstuff products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Gina Faham, Import Manager
BILAL IBRAHIM
TRADING AS: METRO TRADING
Building : Al Ashi
Building, 3rd Floor
Street : 8 Azar Street (Al Horreya Street)
PO Box : 663
Town : Lattakia
Country : Syria
Telephone : (963-41) 464002
/ 464003
Facsimile : (963-41)
464004
Mobile : (963-944) 240962
Email : metro-sy@scs-net.org
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Lattakia.
Name Position
· Bilal Bashir
Ibrahim Proprietor
& General Manager
· Feras Bashir
Ibrahim Assistant
General Manager
· Gina Faham Import
Manager
· Bilal Aboud Sales
Manager
Date of
Establishment : 23rd
January 1991
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 22705, Lattakia
Invested Capital : SY Pnds 2,500,000
Mr Bilal Bashir Ibrahim is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of general foodstuff products,
including tea, sugar, rice, lentils and
tinned food.
Import Countries: India and Thailand
International
Suppliers:
·
Trimax India
·
Kohinoor India
·
CMS Thailand
·
Ogakron Thailand
Brand Names: LEO
Operating Trend: Steady
Subject has a workforce of 45 employees.
Financial highlights provided by local sources are given below:
Currency: Syrian Pounds (SY Pnds)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales SY
Pnds 55,300,000 SY Pnds
52,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Societe General Cyprus Ltd (International Banking Unit)
7-9 Grivas
Dighenis Avenue
PO Box 25400
Nicosia 1309
Cyprus
·
Commercial Bank of Syria
Main Branch
Lattakia
Tel: (963-41)
232070
·
Saudi Fransi Banque (BEMO)
Main Branch
Lattakia
No complaints regarding subject’s payments have been reported.
Established in 1991, subject is owned and managed by Mr Bilal Bashir
Ibrahim who is well respected in the local business community.
Local sources report that payment obligations are met in a generally timely
manner and the operating history is clear. As such the business is deemed a
fair trade risk.
Protests in Syria started on 26th January 2011 and were
influenced by other protests in the region. Protesters have been calling for
political reforms and the reinstatement of civil rights, as well as an end to
the state of emergency which has been in place since 1963.
Since March 2011 demonstrations have taken place in many
cities across Syria. Thousands of protestors gathered in Al Hasakah, Aleppo, Damascus, Daraa,
Deir Ez Zor and Hama.
After the first day of the protests there were reports of approximately 3,000
arrests.
In Damascus, security forces broke into the Omayyad
Mosque and violently attacked protesters. Several people were injured, and
several others were arrested. In the southern city of Daraa, people chanted
against Rami Makhlouf,
the cousin of the Syrian president. The regime replied by sending helicopters
and water cannons to confront the protesters. At least three people were killed
by security forces.
As a result of the protests, the Governor of Daraa was
fired, but this did not satisfy the protesters. Demonstrations increased and on
24th March 2011, it was reported that more than a hundred had been
killed.
The entire Syrian cabinet was asked to resign by the
president. Adel Safar was named the new prime minister
and his new cabinet
was sworn into office on 14th April 2011.
The cities of Baniyas and Homs have also fallen under
siege by government forces. Army tanks have begun heavy shelling of residential
areas.
On 18th May 2011, the United States imposed
sanctions on Syrian President Bashar al-Assad and six other senior Syrian
officials as a response to Syria's bloody crackdown on political protests.
In June 2011 Syrian troops and Gunmen loyal to President
Bashar al-Assad arrested 70 people and set houses on fire after tanks entered a
town near the Turkish border. 19 people were shot dead in the assault.
After
almost two years of unrest, the conflict between the regime and the opposition
has escalated to a full-scale civil war. Army defectors formed armed groups
that wage a guerrilla war on government forces. By mid-2012 the fighting had
reached capital Damascus and commercial hub Aleppo, with growing numbers of
senior army officers deserting Assad.
On 2 January 2013, the United Nations stated that the war's death
toll had exceeded 60,000. According to various opposition activist groups,
between 46,070 and 59,215 people have been killed, of which about half were
civilians, but also including 24,220–26,010 armed combatants consisting of both
the Syrian Army and rebel forces, up to 2,390 opposition protesters and 1,000
government officials.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.83 |
|
|
1 |
Rs.91.76 |
|
Euro |
1 |
Rs.79.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.